Part 3/10:

A Shift from Production to Consumption

The discussion then shifts to the evolution of the American economy—from one rooted in production to one primarily dependent on consumption. As the financial sector proliferated, it began to dominate the economic landscape, leading to a state of dependency where consumers drove 70% of the economy. This shift facilitated a pernicious cycle, wherein expanding economic power allowed Wall Street to wield significant political leverage, ultimately contributing to the 2008 financial crisis.